the sky is falling
Or is it?
Li Yong, China's vice minister for finance, said he had heard a "rumor'' that the U.S. dollar was headed for a 25 percent drop. If the gossip was true, the consequences would be "shocking," he said.But, is it really? For months we've known that this was going to happen (some have known for decades).
Asia may be getting ready to fix its currencies to a local anchor, dumping the region's unofficial dollar peg.Of course. They're getting their houses in order.
[F]inance ministers of China, Japan and South Korea got together with their counterparts from the Association of Southeast Asian Nations, or Asean [said that they] would sponsor a research project, titled "Toward greater financial stability in the Asian region: Exploring steps to create regional monetary units.''
All it takes is an agreement to TRUST eachother.
An Asian Currency Unit, or ACU, will be an index that seeks to capture the value of a hypothetical Asian currency by taking a weighted average of several of them. The weight for a particular currency in the index may be determined by the size of the economy and the quantity of its total trade.
The ACU is an accounting unit; IT WON'T CHANGE HANDS IN THE PHYSICAL WORLD. [emphasis added]
The ACU will start making a difference when it becomes the fulcrum of exchange-rate management in Asia.
Money is a STANDARD to measure PRODUCTIVE activities.
But for centuries, it's been abused as a means to EXPLOIT and GAMBLE.
With its "my currency is your problem'' attitude, the U.S. has made a negotiated settlement of global imbalances a diplomatic non-starter. China isn't willing to consider the U.S. argument that quicker appreciation of the yuan may prevent a costly adjustment later.
Once again in Hyderabad, Undersecretary Adams tried valiantly to get this message across to Chinese Vice Finance Minister Li. He was wasting his breath.
Li, as Adams noted wryly, "knows all my talking points.''
So do we.
And we too know better than to think that 'your currency problem' is our responsibility.
After creating a financial vortex that's about to suck up their fortunes, the Fed and their banking cohorts want to sacrifice our lives to satisfy the gaping void.
Don't let them do it.
THEY are releasing these signals. THEY want the world to panic - to scurry about like roaches.
Don't do it.
Put your trust in God and eachother. Think clearly and act accordingly.
DO NOT FEAR poverty. THAT's how they control us.
If you have FOOD and SHELTER and the people you love close to you, then you have EVERYTHING that's important in this world.
Let them burn in their own flames.
On their ashes, those with faith will remain standing.
Many thanks, borkafatty.